What is a typical requirement if a vendor is a corporation in a real estate transaction?

In a real estate transaction involving a corporation as a vendor, one typical requirement is the affidavit of corporate execution. This affidavit serves to confirm that the individuals signing on behalf of the corporation have the authority to do so in accordance with the corporation’s internal rules and regulations, as well as under the applicable corporate laws. This helps to ensure that the transaction is legally binding and that the corporation is properly represented.

The affidavit of corporate execution outlines the manner in which the document is executed and may include details about the corporate resolution permitting the transaction. It is a crucial step to ensure that the rights and obligations of the parties involved are clearly established and can be enforced.

Other documents mentioned, such as registrations or tax clearance proofs, may also be relevant in specific contexts but are not universally required for every corporate vendor in a real estate transaction. These various aspects can depend on the specifics of the transaction and jurisdiction but the affidavit of corporate execution is a fundamental requirement to validate the capacity of the corporation to enter into the agreement.